First-Time Homebuyer Tax Credit

If you've been waiting for the right time to buy your first home, wait no longer!
This may be the best time in history for first time homebuyers to take the plunge!

What's workinig for you:
* Affordability is better than ever
* Plenty of homes on the market
* Sellers are more willing to bargain
* Historically low interest rates
* $8,000 first-time homebuyers tax credit

What is the tax credit?
It's a credit for 10% of the cost of your new home, up to a limit of $8,000.

Who qualifies?
Only first-time homebuyers. You're considered a first time homebuyer if you have not owned a home for three of the last five years.

Are there income restrictions?
Yes. Individuals are eligible for the credit if their income is no more than $75,000. For married couples, the limit is $150,000.

What if I make more?
You could still get a portion. Individuals who earn up to $95,000 and couples that earn up to $170,000 can still can still get a tax credit, based on a sliding scale.

Are there financing restrictions?
Most financing arrangements are acceptable.

Do I have to repay the credit?
No. Unlike the 2008 credit, there is no repayment requirement.

How do I apply?
There is o pre-purchase authorization. You simply claim the credit on your 2009 tax return, on the new IRS form 5405.

Is there a deadline?
Yes. You have to buy and close on your home before December 1, 2009 to be eligible.